FDR's policies prolonged Depression by 7 years, UCLA economists calculate / UCLA NewsroomTwo UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.
After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
"Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump," said Ohanian, vice chair of UCLA's Department of Economics. "We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."
In an article in the August issue of the Journal of Political Economy, Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933.
Only blind hacks still believe FDR helped anyone during the GD, he was instrumental in making it drag out, and hurt so much. Had it NOT been for WWII, who knows when the pain would have ended.
⚧ C.T.L.W. You figure it out
My Endo doc went over my blood work. "I see your estrogen level is now at 315, do you feel like you have too much Estrogen now?"
I told her "... N... N.. No..." and started crying.
Roosevelts' policies were working exceptionally well until he allowed some dimwitted conservatives to convince him that it was time to cut spending and lower taxes. That sent the economy back into the tank. It did not recover until the massive stimulus program that was WWII put an end to that insanity.
Can anyone explain to me why Obama still has the support he has today in the face of actual verifiable non partisan economic results?
So basically, what the 2004 UCLA study concluded was that inflated prices and wages were the cause of the slowed recovery, and the NIRA which FDR signed into law was the cause of that inflation, resulting in a 60% weaker recovery.
However, because NIRA was deemed unconstitutional by the Supreme Court two years after it was enacted, a repeat of this particular economic policy mistake by the Obama administration would be impossible.
The QE programs are basically the same thing so yes, Obama can and did make the same mistake. Continued again.
While NIRA may have been somewhat of a blunder in terms of New Deal solutions, it was but one of many policies instituted by FDR, and although Cole and Ohanian present a good case, the general consensus remains that New Deal policies by and large were successful.
Wow, so a program where it created a huge drag on the recovery can still be considered a success? LOL
2. Like your link, you must not have actually read what I wrote.
NIRA was deemed a failure because it created inflation which was a drag on the economy. QE created inflation which has been a drag on the economy.